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Tuesday, 27 August 2013

China’s super rich reveal their favourite drinks

An annual survey of consumption habits among
China’s millionaires has revealed the country’s preferred drinks brands
for collecting and gifting.

As for spirits, Chinese baijiu brand Moutai is listed in 13th place, dropping out of the top 10 since the label became the focus of media scrutiny, according to the report.

According to the Hurun Report 2013 Wealth Report,
which was released in London this week, China’s super rich enjoy
collecting watches, art and red wine, holidaying in France, driving
Maseratis, gifting Château Lafite and drinking Rémy Martin’s Louis XIII
Cognac.

In particular, of the 551 millionaires surveyed in the report, “the
most commonly collected alcohol is red wine”, with the drink coming in
third place behind watches and Chinese classical art when China’s
richest citizens were asked what they most liked to amass.

Furthermore, a record proportion of wealthy Chinese admitted to
collecting red wines this year, with 29% saying that they liked to amass
wine in 2013, up from 23% in 2012 and 17% in 2011.

In contrast, the proportion collecting watches and cars is falling.

Meanwhile, when it comes to present-giving, Château Lafite Rothschild
is the only vinous label in the top 15 “male millionaires’ preferred
brands for gifting” – the first growth is listed in tenth place, ahead
of Armani, but behind Burberry, with Louis Vuitton in top spot.

In terms of more general trends, the Wealth Report points
out that the number of Chinese millionaires has now reached 1.05
million, up 3% on the previous year’s figure of 1.02m, although the
survey stressed that the rate of increase has slowed to its lowest level
in the last five years.

The report, which charts the tastes and habits of 551 Chinese
citizens with personal assets of more than 10m RMB, including 69 with
over 100m RMB, notes that 70% of Chinese millionaires are male and the
average millionaire in China is aged 38 and owns 3 cars and 4 watches.

Chinese millionaires said their favourite car is the Maserati GranTurismo

It also records that as many as 70% of these very rich drink alcohol
and 50% are “connoisseurs of red wine”, with red wine remaining the
“preferred alcohol” for 49% of those surveyed, followed by whisky (16%),
Chinese spirits (15%), Champagne (12%) and Cognac (8%).

Chinese millionaires admitted to sleeping 6.6 hours on working days
and 7.2 hours on the weekend on average, while they said that their
favourite cars are the Rolls Royce Phantom and Maserati GranTurismo, and
their number one travel destinations are France and the US.

Their “best drinks brands” when it comes to imported and local
spirits, as well as Champagne and wine, are listed over the following
pages.